User Account

All Pages

Journalize all transactions for bird eye musicbirds

Assignment Help Accounting Basics
Reference no: EM131821423

Problem - Journalize all transactions for Bird's Eye MusicBird's Eye Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 360-day year.)

2011

Dec. 6 Received a $6,000, 90-day, 15% note on account from BoE PublishingBoE Publishing.

Dec. 31 Made an adjusting entry to accrue interest on the BoE PublishingBoE Publishing note.

Dec. 31 Made a closing entry for interest revenue.

2012                                      

Mar. 6 Collected the maturity value of the BoE PublishingBoE Publishing note.

Jul. 1 Loaned $10,000 cash to Main Street MusicMain Street Music, receiving a 6-month, 14% note.

Oct. 2 Received a $2,600, 60-day, 14% note for a sale to Skip's MusicSkip's Music. Ignore cost of goods sold.

Dec. 1 Skip's MusicSkip's Music dishonored their note at maturity; wrote off the note as uncollectible, debiting Allowance for uncollectible notes.

Dec. 30 Collected the maturity value of the Main Street MusicMain Street Musicnote.

Reference no: EM131821423

Questions Cloud

Determine whether there is any colorable authority in law : Identify any potential problems. Conduct preliminary research to find the relevant source at issue
Appropriate hypotheses using a significance : Test the appropriate hypotheses using a significance level of .05.
What is the efficiency usage variance : Milton Company uses a standard cost system. For direct labor, what is the efficiency (usage) variance? Answers are labeled as favorable (F) or unfavorable (U).
Identify a strategy for investigating system requirements : Identify a strategy for investigating system requirements. This strategy should include all the necessary steps for requirements elicitation.
Journalize all transactions for bird eye musicbirds : Journalize all transactions for Bird's Eye MusicBird's Eye Music. Dec. 6 Received a $6,000, 90-day, 15% note on account from BoE PublishingBoE Publishing
Discuss some of the consequences to both the company : Discuss some of the consequences to both the company and the individual if the status is converted from an independent contractor to employee.
Determine bad debt amount and ending balance in allownace : Bad debts is based on 1 1/2% of gross receivables. Determine bad debt amount, ending balance in allownace for doubtful accounts, and Accounts Receivable.
What is an alternative to carbon credits : he Environment Protection Agency sometimes imposes penalties on firms that pollute the environment.
Evaluate the most senior strategic leader : What are the leader's strengths and weaknesses relative to the areas of executive practice outlined in the model?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Examine at least three underlying causes for creation of

analyze at least three underlying causes for the creation of the sarbanes-oxley act. next rank the causes that you have

  What is the amount of revenue that should be recognized

Whatis the amount of revenue that should be recognized and also provide journal entries to record this transaction.

  Perfectly competitive industry supply

Farm Fresh, Inc., supplies sweet peas to canners located throughout the Mississippi River Valley. Like some grain and commodity markets, the market for sweet peas is perfectly competitive. The company's total and marginal costs per ton are given b..

  Which systems study step is normally performed first

Which systems study step is normally performed first? What is the first step to be performed by most organizations in their accounting cycles?

  Journalize the july transactions

Anya Clark opened Anya's Cleaning Service on July 1, 2017. During July, Required - Journalize the July transactions

  The following information pertains to sally corporation

the following information pertains to sally corporationmiddot the company previously collected 1500 as an

  Compute harold''s amortization deduction for the year

Harold Stevenson purchased substantially all of the business assets of the Troy Creamery on January 17. Compute Harold's amortization deduction for the year

  Compute the book value at the end of the second year

Compute the book value at the end of the second year. Round depreciation amounts to the nearest dollar

  Amount of overhead allocated to government jobs

You observe that the amount of overhead allocated to government jobs is higher than that allocated to contract jobs. These allocations concern you.

  Noncontrolling interest share of thelma net income

Thelma's reported net income for 2006 was $119,000. What is the noncontrolling interest's share of Thelma's net income?

  Compute maximum depreciation deductions

Steve acquired more assets the next year to increase its production capacity. Compute maximum 2010 depreciation deductions including §179 expense

  Calculate the taxable profits

Profit before tax is sh.800000 which includes sh.500000 grant that is not taxable and sh.20000 of expenses allowable for tax purposes.depreciation for p&l account amount to sh.120000 but was to be replaced by capital allowances of sh.150000.Tax ra..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd